May 14, 2019: Back Office Committee Meeting Agenda

Meeting Details  

  • When: Tuesday, May 14, 2019 @ 11:00 am ET

Meeting Agenda 

  • Spotlight Topic:  FINRA update on the CTCI Protocol Termination initiative. 
  • DTCC Updates
    • FICC Updates
      • May 3, 2019: GOV653-19 - FICC Memorial Day Holiday Schedule;
      • April 26, 2019: GOV647-19 - Certificate of Incumbency – Member Updates Required;
      • April 23, 2019: GOV643-19 - Special Announcement Regarding Today’s 2-Year Treasury Auction;
      • April 22, 2019: MBS694-19 - EPN Rewrite Client Testing;
      • April 17, 2019: GOV641-19 - SR-FICC-2019-002 - Proposed Changes relating to the Single Security Initiative - UMBS;
      • April 17, 2019: MBS692-19 - Single Security – Update to Eligible Securities Lists
  • Discussion:  EU CSDR Buy-In Directive - FIF will discuss possible implications regarding the recent EU Buy-In Rule supplement to CSDR to address settlement fails.
  • FINRA Updates
    • TRACE
      • May 7, 2019: Revised TRACE for Treasuries User Guide
    • BCP
      • April 19, 2019: Regulatory Notice 19-15 - FINRA Publishes Consolidated Criteria to Designate Firms for Mandatory Participation in FINRA’s Business Continuity/Disaster Recovery Testing
    • Additional FINRA Updates
      • May 6, 2019: Regulatory Notice 19-18 - FINRA Provides Guidance to Firms Regarding Suspicious Activity Monitoring and Reporting Obligations;
      • May 2, 2019: Regulatory Notice 19-17 - FINRA Requests Comment on Proposed New Rule 4111 (Restricted Firm Obligations) Imposing Additional Obligations on Firms with a Significant History of Misconduct;
      • April 29, 2019: Information Notice – 4/29/19 - Imposter Websites Impacting Member Firms;
      • April 22, 2019: Regulatory Notice 19-16 - SEC Approves Amendments to FINRA Rule 4570;
      • April 16, 2019: Regulatory Notice 19-13 - SEC Approves Amendments to FINRA Rule 4512 to Permit the Use of Electronic Signatures for Discretionary Accounts;
      • April 16, 2019: SR-FINRA-2019-014 - Proposed Rule Change to Amend FINRA Rule 6730 (Transaction Reporting)
  • MSRB
    • April 30, 2019: 34-85752 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Eliminate MSRB Rule G-29, on Availability of Board Rules
  • SEC
    • April 24, 2019: SEC extends compliance date of SEC Rule 606 from May 20, 2019 until October 1, 2019.
  • OATS
    • Reminder: Onboarding of the NYSE Chicago Exchange for Exchange Route Matching is effective May 27, 2019
    • May 7, 2019: NYSE - OATS Testing for NYSE Pillar
  • TMPG
    • April 18, 2019: TMPG Seeks Comment on Proposed Best Practice Recommendations on Clearing and Settlement;
    • April 18, 2019: Treasury Market Practices Group Proposed Practice Guidance on Clearing and Settlement;
    • April 16, 2019: TMPG Meeting Agenda available.
  • OCC 
    • May 6, 2019: 34-85779 - Order Approving Proposed Rule Change to Require that an Actionable Identifier be Included on Customer and Non-Customer Securities Options Trades Other than Market Maker Trades
  • CAT
      • May 15, 2019: In-person Consolidated Audit Trail Options Deep Dive May 15, 2019 in Chicago;
      • May 10, 2019:  CAT NMS Plan Operating Committee published updated CAT Reporting Scenarios Document;
      • April 29, 2019: Industry Member Technical Specifications v2.0;
      • April 29, 2019: CAT Alert 2019-02 – CAT Reporting Technical Specifications for Industry Members - Final;
      • April 16, 2019: Industry Update on the Consolidated Audit Trail Focusing on the Firm Designated Identifier ;(“FDID”) – Recording and Presentation 
  • FIF Working Group Updates: Please click here to Join Working Groups
    • Consolidated Audit Trail (CAT)
      • May 13, 2019:  FIF will hold a CAT subgroup call with the intent of providing recommendations to FINRA CAT on the CAT Web Portal functionality.
      • April 16, 2019:  FIF joined industry members/SROs in an in-person meeting on CAT encryption, connectivity, and submission.
      • April 2, 2019:  FIF submitted a Comment Letter to the SROs on the current CAT implementation schedule and remaining risks.  
      • March 14, 2019: FIF attended an in-person Error Feedback and Correction Working Session with the CAT NMS team.
      • February 4, 2019: FIF submitted a comment letter on the CAT transitional period to the CAT Leadership Committee.
      • February 4, 2019: FIF held a CAT Working Group meeting on the news of the plan processor being replaced.
      • January, 2019:  FIF participated in a working session with the SROs on FDID.
      • FIF submitted a list of issues to the SROs/ThesysCAT pertaining to the final CAT Technical Specification.
      • December 11, 2018:  FIF submitted comments to the Commission on the current status of CAT.
      • October 1, 2018:  FIF submitted detailed spec review summaries and comments to the SROs, SEC, and ThesysCAT on V0.6 of the industry member tech spec.
      • CAT NMS Plan Website
    • 606 Working Group
      • May 2, 2019 - FIF submitted a follow-up request for guidance to the Commission. 
      • April 24, 2019 - The SEC granted FIF's request for an extension in the Rule 606 implementation date.  FIF is currently working with the Commission on the development of guidance.
      • April 11, 2019 - FIF met with SEC Trading and Markets staff to discuss remaining SEC Rule 606 challenges
      • February 20, 2019 - FIF submitted a comment letter to the SEC discussing Rule 606 challenges.
      • February 5, 2019 - FIF met with the SEC Trading and Markets staff to discuss challenges and recommendations attributed to the Amended Rule 606.
      • February 4, 2019 - FIF presented the final version of the SEC meeting materials with the FIF 606 Working Group.  
      • January 30, 2019 - FIF submitted a comment letter to the SEC raising significant Rule 606 implementation challenges.
      • December 11, 2018 - FIF participated in an open call hosted by the Security Traders Association highlighting the recent amendments to SEC Rule 606.
    • FIF FINRA Rule 4370 (BCP) Working Group
      • FIF submitted comments to FINRA on Rule 4370 recommendations on April 25, 2019
    • FIF Block Trade Dissemination (TRACE) Working Group
      • FIF formed a working group with the intention of responding to FINRA's proposed Pilot to test recommended changes to Corporate Bond Block Trade Dissemination.
    • Tax Information Working Group
      • FIF formed a working group to discuss, inter alia, industry best practices, increasing tax reporting efficiencies, and leveraging new and evolving technology to revise tax reporting processes.  If you would like to join this working group, please update your profile here. 
      • FIF will hold our next working group meeting on Thursday, May 30 @ 11:00 am et. 
    • Cost Basis Working Group
      • We will hold our next meeting on June 6th.
      • We discussed complex debt issued in foreign currency and subject to OID at our last meeting.
    • Cloud Technology Working Group
      • We have pushed back our next meeting to accomodate FINRA so FINRA and AWS can jointly speak to CAT to AWS Connectivity. 
      • At our last meeting we were treated to a spotlight topic by Ed Featherston from HPE who ran us through use cases and lessons learned from his many cloud migration consultations. 
    • Data and Technology
      • Next Meeting: May 29th.
      • On our last call the spotlight topic was focused on artificial intelligence in the banking industry and was presented by Don Tait from IHS Markit.
    • Retail Execution Quality
      • FIF held a meeting on May 3. 
      • FIF submitted comments to the SEC requesting that the Commission review and issue a formal request for comment pertaining to FIF's Rule 605 Modernization Recommendations.  
      • FIF 605 Subgroup representatives met with SEC Staff on Tuesday, October 30th to discuss the subgroup's recommendations of rule 605 reform.  Please click here to view the draft recommendations.  
    • FIF Cybersecurity Working Group
      • Our next meeting will be on May 30th.
      • FIF held a meeting on April 25th focusing on the nature of artificial intelligence in the cybersecurity world today and how it is both a threat and a solution.
    • FIF Industry Solutions Offering
      • Visit the FIF Industry Solutions Page for the Latest Products & Services from Fellow FIF Members
    • FIF Retail Execution Quality Statistics
    • FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)
    • FIF Monthly Reports
      • Market Data Capacity Statistics – (Requires FIF Website Login)

 

Next Meeting Date: Tuesday, June 18, 2019 @ 11:00 am ET. 

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